Advisor Models
The EPA Model
The EPA Model recognises that the Advisor has a role to play in providing emotional support to the client. This can be particularly important if the client is using the services of an Advisor due to a stressful situation at work. Examples could include the business struggling to raise the working capital required due to expansion; the client knowing that he needs to structure his business differently as it grows, but being reluctant to do so; the client needing to find investors, but not relishing the thought of sharing his business with outsiders.
The P of the EPA Model is about getting to the root of what the problem is. Very often, it might not be what it originally appeared to be, so it is important that the advisor uses tools such as The 5 Whys Model and Ishikawa Diagrams to correctly analyse the problem, before making any recommendations.
The final step is to provide advice, which should be done in a way that is clear and easy to understand for the client.
An alternative model is the 3 Step Advisor Model.
The 3 Step Advisor Model
Step 1 involves questioning and listening to enable the Advisor to understand the issue.
Step 2 suggests asking permission to offer advice. This may be a formal step in the contracting process – whereby having discussed the issue with the client, the Advisor submits a proposal for him to carry out the remainder of the process. The client then has the option to agree to this or to choose not to.
Step 3 is concerned with offering advice which is free from bias. This is an extremely important ethical point, as it has been known for Advisors to suggest they are providing impartial advice, but then recommending solutions, for which they receive an incentive. There is a fine line between recommending a particular product or service because you have used them before and believe they will meet the needs of the client because of their quality, and recommending a particular product or service because you have used them before and have established a relationship with the supplier. When acting in the role of an Advisor, it is important to remind yourself of your Code of Ethics.
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